Details for initial coverage and protected claims

DMV's dedicated household-goods page calls for a $50,000 surety bond or the accepted irrevocable letter of credit on file for five years from certificate issuance. Section 46.2-2122 requires security for the first five years of licensure. OA 436 continues from certificate term to certificate term for five consecutive years from its stated effective date. Coordinate those dates with DMV rather than assuming an annual renewal controls the bond period.

The condition includes specified fraud and fraudulent representation, loss from Chapter 21 violations and loss from breach of a contract entered into on or after July 1, 2002. The statute ties recovery against the security to a final court judgment against the certificate holder. This is separate from a cargo or motor-vehicle liability insurance filing.

OA 436 limits total liability to $50,000 for all persons, regardless of the number of claims or years in force. It does not supply a fresh $50,000 for every claimant or certificate renewal. The bond does not automatically expire when the certificate for which it was first issued expires.

The statute releases the surety from later-accruing liability 60 days after it files a written release request with DMV, while preserving liability already accrued or accruing during that period. The model requires prior written notice to the Commissioner. Keep replacement security coordinated: DMV may suspend a certificate without a hearing while sufficient security is missing.

Match the carrier's legal business name and physical address. Complete the principal's authorized signature and witness, surety execution and Virginia-agent countersignature as the accepted model requires. Keep the issued security and separate certificate and insurance filings together; provider payment is not operating permission.